Ripple plans to go public as soon as the lawsuit is over. That’s what Yoshitaka Kitao, CEO of SBI Group, claims during a conference call published April 28.
“After the current lawsuit, Ripple will go on an IPO. The current CEO wants to do that. Chris wants to do that. ”
Says Kitao, referring to Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. SBI Holdings is a giant financial services company from Japan and is Ripple’s largest external shareholder.
Ripple is currently in a lawsuit with the US Securities and Exchange Commission (SEC). The cryptocurrency company is accused of illegal sale of securities with XRP (XRP). Garlinghouse already hinted last year that Ripple may want to hold an initial public offering (IPO):
“In the next 12 months you will see IPOs in the crypto and blockchain sector. We won’t be the first and we won’t be the last, but I expect us to be at the forefront… it’s a natural evolution for our business. ”
The plans in this regard will most likely have been postponed due to the lawsuit. Whether Ripple will go public at all will probably depend on the outcome of the lawsuit. Should Ripple lose it, it could be a significant blow to the company.
The large American cryptocurrency exchange Coinbase went public a few weeks ago, the company opted to go for a direct listing and not an IPO. The XRP price rose sharply in April despite the lawsuit.